Appendix H
3-Year Financial Plan
EXPENDITURES 1. Wages – Regular: 2022 Budget $8.1M Includes full-time employees. Mid-year adjustment in 2022 of 3.0% to address inflation, a 4% compensation pool in 2023 and 5.0% in 2024. There are two new full-time position requests: • Marketing Department- Digital Marketing Strategist (elimination of outsourced consulting contract) • Planning Department Project Manager 2. Wages – Short Term: 2022 Budget $4.5M Includes part-time employees that are group benefit eligible (30+ hours) and part-time/seasonal employees that are not group benefit eligible. In 2023, the minimum wage increases from $12 to $13 and then to $14 in 2024. Amounts have been included in this plan to address the required increases along with amounts added for market competition and wage compression issues. 3. Employee Insurance: 2022 Budget $2.5M The District is a member of the IPBC, which provides pooled health insurance. Based on the 2023 renewal rates from IPBC, there will be no increase in premiums to the 2023 budget. A 3% increase has been programmed for 2024. 4. Other Benefits: 2022 Budget $1.5M Includes FICA, Medicare, unemployment, workers comp, training and other employee benefits.
5. Retirement: 2022 Budget $681k The District’s pension plan, the Illinois Municipal Retirement Fund (IMRF), is required by state statute for Illinois governmental agencies that include park districts. Each member’s rate is individually calculated and impacted by investment returns and census changes. The District’s plan is well funded with the rate projected to decrease from 7.27% to 6.14% in 2023 and 2024. The IMRF expense is projected to decrease by $53k in 2023 and increase $28k in 2024. 6. Supplies: 2022 Budget $2.1M Supplies can vary greatly depending on the year’s initiatives, commodity costs and new facilities and parks. For 2023 and 2024, supplies are projected to increase based on inflation. Fuel costs are one of the largest increases at 30% in 2023 and 8% in 2024. 7. Contractual Services: 2022 Budget $6.3M For the most part, contractual services throughout the District have increased based on inflation. Program contractual services are also expected to increase based on an increase generated in program revenues. The General Fund is projected to have a decrease in contractual services in 2023 based on the Community Survey and Market Analysis that are being conducted in 2022. 8. Utilities: 2022 Budget $1.1M Utilities, which include electric, natural gas and water are programmed to increase, on average, 4.5% in 2023 and 2024. 9. Miscellaneous Expenses: 2022 Budget $19k Includes an amount for investment fees. Other Expenditures, which include spending for Capital projects and Transfers Out, will be based on dollar projections.
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